Northeast Financial Group Inc. Makes New Investment in Park Hotels & Resorts Inc. (NYSE:PK)

Northeast Financial Group Inc. bought a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 92,746 shares of the financial services provider’s stock, valued at approximately $1,308,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Epoch Investment Partners Inc. grew its holdings in Park Hotels & Resorts by 135.7% during the 1st quarter. Epoch Investment Partners Inc. now owns 1,391,881 shares of the financial services provider’s stock valued at $24,344,000 after buying an additional 801,372 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Park Hotels & Resorts by 492.7% in the first quarter. Acadian Asset Management LLC now owns 54,345 shares of the financial services provider’s stock valued at $950,000 after purchasing an additional 45,176 shares in the last quarter. Algert Global LLC boosted its stake in Park Hotels & Resorts by 48.6% during the second quarter. Algert Global LLC now owns 752,273 shares of the financial services provider’s stock worth $11,269,000 after buying an additional 245,973 shares during the period. Diversified Trust Co purchased a new position in Park Hotels & Resorts during the second quarter worth $599,000. Finally, Russell Investments Group Ltd. boosted its stake in Park Hotels & Resorts by 19.5% during the first quarter. Russell Investments Group Ltd. now owns 562,900 shares of the financial services provider’s stock worth $9,846,000 after buying an additional 91,983 shares during the period. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

Shares of NYSE PK opened at $14.49 on Friday. Park Hotels & Resorts Inc. has a 52 week low of $13.23 and a 52 week high of $18.05. The firm has a market cap of $2.99 billion, a P/E ratio of 9.23, a P/E/G ratio of 0.83 and a beta of 2.02. The business’s 50 day moving average price is $14.35 and its 200 day moving average price is $14.82. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The company had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. During the same period in the previous year, the firm posted $0.51 earnings per share. The company’s revenue was down 4.4% compared to the same quarter last year. On average, sell-side analysts expect that Park Hotels & Resorts Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. UBS Group decreased their target price on Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Compass Point cut their target price on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Wolfe Research lowered Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Evercore ISI dropped their price target on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company dropped their price target on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.00.

Park Hotels & Resorts Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.